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The Dream Team in Project Management
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Old School Meets High Tech
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Successfully Managing Projects
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Scheduling structures the course of construction projects and defines milestones, while risk management focuses on identifying and assessing potential hazards: That’s how it worked for a long time. Both disciplines were viewed in isolation from one another. However, practical experience has shown that risks and deadlines are inextricably linked. After all, nearly all relevant project risks affect the schedule directly or indirectly. Conversely, it has become clear that tight deadlines can themselves escalate into risks.
Time and Risk
Insufficient integration of these two areas can have serious consequences. Prominent large-scale projects from the past decades illustrate this point vividly: Both the Berlin Brandenburg Airport (BER) and the Stuttgart 21 rail project provide inglorious examples of significant schedule delays and skyrocketing costs. In both cases, complex technical requirements, changes in planning, and risks that were not sufficiently taken into account played significant roles. These projects illustrate just how strongly risks can impact schedules if their probability of occurrence and potential consequences are not factored into the schedule early on.
Staying on Track
An integrated approach enables teams to identify potential schedule deviations in a timely manner and take effective countermeasures. Risks are not merely assessed in isolation but are also examined in terms of their impact on critical paths, milestones, and durations. This creates a more realistic picture of the project’s progress—and a more robust basis for decision-making.
The integration of risk management and scheduling has therefore long been recognized as a key success factor in modern project management. It creates transparency, improves the quality of forecasts, and helps project managers proactively manage uncertainties rather than merely reacting to their effects. This is especially true for large-scale projects: By considering risks and deadlines together, you increase the likelihood of completing projects successfully, cost-effectively, and on time.
